KUALA LUMPUR (May 11): The benchmark crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives recovered from yesterday’s losses to end higher on Wednesday on expectation of stronger exports, dealers said. Exports of Malaysian palm oil products from May 1 to 10 rose 40.3% from the same period in April, according to cargo surveyor Intertek Testing Services. Palm oil trader David Ng said traders expect an increase in demand for Malaysian palm oil amid Indonesia’s ongoing ban on exports of the vegetable oil. CPO prices were also tracking gains in bean oils in benchmark markets, as well as higher energy prices, he added. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
